{"text":[[{"start":11.84,"text":"Mercedes-Benz and Stellantis remain under pressure in the third quarter even as European carmakers have accelerated cost-cutting and product launches to fight back against the rise of Chinese rivals in key auto markets."}],[{"start":24.84,"text":"Mercedes-Benz’s underlying operating profit cratered in the three months to September as it faced collapsing sales in China and plunging demand for high-end models."}],[{"start":35.04,"text":"“More than 100 players are competing fiercely [in China], and that is driving down prices and profitability across the market. This competition is not staying in China,” chief executive Ola Källenius said on Wednesday."}],[{"start":49.12,"text":"In the latest sign that Källenius’s previous strategy to focus on luxury models has faltered, the brand’s sales of its most profitable top-end models fell 21 per cent in the quarter."}],[{"start":59.8,"text":"Stiff competition from local rivals was “expected to lead to significantly weaker development of unit sales for many foreign manufacturers”, Mercedes warned in its outlook. The carmaker on Tuesday said it would miss previous profitability targets for 2026, now eyeing an operating profit margin of 2 to 3 per cent, compared to 3 to 5 per cent previously."}],[{"start":81.36,"text":"The free cash flow in the industrial business plunged 87 per cent to just €172mn between July and September."}],[{"start":89.64,"text":"The passenger car division’s underlying profitability deteriorated sharply between July and September: earnings before interest and tax, adjusted for one-offs, plunged 51 per cent year on year to €560mn, resulting in a margin of 2.5 per cent. Revenue in China fell 34 per cent and in Europe 0.8 per cent, while North America was the only region reporting an increase in sales of 2.6 per cent."}],[{"start":117.42,"text":"All three of Germany’s leading carmakers, including Volkswagen and BMW, have lowered their guidance, blaming collapsing sales in China. But Mercedes’ results pile pressure on Källenius, who faces a 27 per cent decline in the group’s share price over the past year."}],[{"start":133.56,"text":"Meanwhile, Stellantis on Wednesday maintained its annual guidance as its chief executive Antonio Filosa said the group was on track with its cost-cutting and turnaround measures."}],[{"start":143.62,"text":"Europe’s second-largest carmaker behind Fiat, Peugeot and Jeep brands reported an operating loss of €331mn during the third quarter, compared with a loss of €5.7bn a year earlier. Despite the improvement, the loss was bigger than analyst forecasts for an €89mn loss."}],[{"start":163.04,"text":"Revenue was mostly flat at €37bn as a 10 per cent year-on-year rise in shipments in European markets driven by increasing electric vehicle sales was offset by a 12 per cent decline in North America."}],[{"start":175.4,"text":"“We remain on track to implement at least 40 per cent of the total €6bn in run-rate efficiencies by the end of the year,” Filosa said."}],[{"start":184.6,"text":"The group reaffirmed its target for positive industrial free cash flow next year despite an outflow of €4bn during the third quarter, which was double what analysts had been expecting, according to Visible Alpha."}],[{"start":196.92,"text":"Aston Martin also maintained its guidance despite warning of continuing uncertainties over US tariffs, the conflict in the Middle East and changes to China’s ultra-luxury car taxes."}],[{"start":207.46,"text":"Its adjusted operating loss narrowed to £24.9mn during the third quarter, compared with a loss of £50.6mn a year earlier. Revenue increased 36 per cent to £388.7mn on the back of Valhalla Coupe deliveries."}],[{"start":223.44,"text":"Its net debt, however, increased to £1.6bn at the end of September compared with £1.4bn at end of 2025."}],[{"start":231.96,"text":"The struggling UK carmaker had been forced to repeatedly raise cash, including a contentious £550mn debt-financing deal this summer, following years of steep losses that have left it dependent on support from shareholders to stay afloat."}],[{"start":251.44,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793185189_8887.mp3"}